The Asian Development Bank (ADB) Pacific Private Sector Development Initiative (PSDI) has allocated over $100,000 in funding in 2015-2016 for the preparation of the Palau’s Private sector assessment and other programs to initiate reforms that encourage private sector investment and entrepreneurship.
ADB’s programs in the Pacific that included Palau was reported in the PSDI’s latest annual report released yesterday, A Decade of Reform that summarizes many successful reforms Pacific countries have enacted with its support.
In Palau, PSDI allocated $126,708 in funding to primarily for the preparation of the Palau PSA and support for the commercial transformation of the National Development Bank of Palau NDBP).
PSDI will support the commercial strengthening of the NDBP in line with the regulatory requirements of the Palau Financial Institutions Commission.
Other programs in Palau is the implementation of an State owned enterprise (SOE) policy and, ADB has also been providing technical support in reviewing options for private investment and operation of the Koror airport through a Public Private Investment (PPP) mechanism.
“PSDI’s achievements over the past decade demonstrate that strong analytical work, sustained advocacy, and open and cooperative engagement with Pacific island governments, institutions, and the private sector are requirements for reform success,” said Liliana Warid, Private Sector Development Specialist with ADB’s Pacific Liaison and Coordination Office. “Across the Pacific, PSDI has made it easier for formal businesses to start-up and grow, thereby increasing economic activity and spurring job creation.” [/restrict]